If you are a slave to the crypto space like I am, you are probably familiar with the torrent stream of information constantly flowing from the internet to in between your ears. It is a roaring river of knowledge hoping to implant, stick to wisdom, and produce some meaningful gains.
As a noob, I keep hearing buy low and sell high. Also, buy when the price dips to an overbought zone in the Bollinger bands. I am a white belt, and these are early lessons. I take them to heart, and I sign onto binance this morning.
Aaaaaaaand there I am, trying to day trade a coin far overbought. I immediately start losing money. With such a small amount to trade with, there is zero room for error. So the slightest dip triggers a sell from me. I take the loss for the stupid buy in. I told myself I wouldn't do it again. . . And yet, there I go again. Buying into a coin on a long ride up. This time i would get lucky, and i would make almost 10 percent gain.
This emboldened my ego. I figured if I could just keep it small. Small increase. I could come out on top. The last loss dropped me below 300 and I needed to get back. I switched coins to another that was on the top gainers list. I picked a coin with 9percent growth in the last 24 hours. I tried to be cautious and look around. But I knew. I knew I was going to buy in.
I fomo'd in like a fool. Not following the Bollinger bands. Like a fool. So I got burned like a fool. The end for today.